ESS Tech, Inc. (NYSE: GWH), a leading manufacturer of long-duration iron flow energy storage solutions, announced the closing of its previously announced registered direct offering, raising approximately $15 million. The transaction, which closed on Jan. 30, 2026, involved the sale of 8,571,428 shares of common stock and pre-funded warrants at a price of $1.75 per share, representing a premium to the Jan. 28 closing price. Aggregate gross proceeds from the offering were approximately $15 million, with net proceeds, together with existing cash, expected to be used for general corporate purposes and working capital. Aegis Capital Corp. served as the exclusive placement agent for the offering.
The capital raise underscores ESS Tech's strategy to strengthen its balance sheet as it continues to scale production of its iron flow battery technology. These batteries, which use iron, salt, and water, are designed for long-duration energy storage, addressing the growing need for reliable and sustainable energy solutions. The company's technology aims to accelerate decarbonization by providing energy security and resilience, enabling customers to manage increasing energy demand without power disruptions and maximize the value of excess energy.
This offering comes at a time when the energy storage market is expanding rapidly, driven by the global shift toward renewable energy sources. According to industry analysts, long-duration storage is critical for integrating intermittent renewables like solar and wind into the grid. ESS Tech's iron flow batteries offer an alternative to lithium-ion systems, with advantages in safety, sustainability, and scalability. The company's use of abundant and non-toxic materials positions it favorably in a market increasingly focused on environmental, social, and governance (ESG) criteria.
For more details on the offering, investors can refer to the full press release. ESS Tech, founded in 2011, continues to focus on its mission to accelerate decarbonization safely and sustainably. Additional information about the company and its products is available on its website.
The successful closing of this offering provides ESS Tech with additional financial flexibility to advance its manufacturing capabilities and commercial deployments. As the energy transition accelerates, the company's technology could play a pivotal role in enabling a more resilient and sustainable power grid.
